Shares of Spotify Technology (SPOT) - Get Report rose on Monday amid reports the music-streaming company is zeroing in on a $200-million plus deal for Gimlet Media, the podcaster behind such hits as "Crimetown" and "Reply All."
Spotify closed the day's trading up 1% to $138.60.
Spotify is in talks to buy Gimlet as it pushes to expand beyond its core music-streaming business, with Spotify prepared to shell out more than $200 million in cash to acquire the popular, Brooklyn-based podcast firm, according to Recode, citing "a person familiar with the deal."
That would represent a major boost in Gimlet's value over the past two years. The podcaster's value was pegged at $70 million in 2017, when it raised $15 million in venture capital, Recode reported.
The deal would be the first for a podcast company by Spotify, which has been looking to add more podcasts to complement its music offerings. Also adding luster to Gimlet has been its ability to spin off its content into other channels, with its podcasts providing the backbone for a pair of TV series, "Homecoming" and "Startup."
Spotify, which went public in April, has seen its stock price take a hit since August, falling nearly 25%.
Spotify is set to report its fourth-quarter earnings before the market opens on Wednesday.